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German services PMI rises at slower pace in August

Germany's service business activity continued to rise in August albeit at a slower pace, according to data released by Markit on Wednesday.

The German purchasing managers' index (PMI) dropped to 54.9 in August from 56.7 in July, missing for forecasts of 56.4. A reading above 50 signals expansion.

Meanwhile, the level of positive sentiment towards the business outlook fell to an 11-month low.

The report said business activity has expanded for 15 consecutive months due to the processing of backlogs and increase in new orders.

However, private sector output slowed to 53.7 points in August from July's 55.7, the slowest pace in 10 months.

Germany saw an additional number of workers as new orders rose, but the rate of job creation eased.

Oliver Kolodseike from Markit said: "Germany's service sector sustained its strong growth momentum in August, although activity growth slowed since the previous month. New business continued to flood in, but companies were relatively cautious about their staffing levels, with employment rising only slightly.

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